Twitter Becomes X Corp. on 'Everything App' Dreams

Twitter has merged with newly formed shell company X Corp., thus ceasing to be an independent company, Bloomberg reports.

The change is further driving speculation about CEO Elon Musk’s plans for the social media platform. The billionaire has said in the past his $44 billion acquisition of Twitter would accelerate his plans to create an “everything app” akin to Tencent Holdings Ltd.’s WeChat, which combines messaging with payments with booking tickets and more.

Early Tuesday, Musk tweeted about the change with a cryptic “X.” Within hours, the tweet had more than 13 million views.

Musk also owns the domain “X.com,” which was the name of the original online payments company he started that later merged with PayPal.

In response to the 2022 lawsuit against Twitter and former CEO Jack Dorsey by conservative activist Laura Loomer, Twitter submitted a document to a California court on April 4 stating that Twitter “no longer exists” after being merged with X Corp.

Over the weekend, Musk appeared determined to have the sign outside Twitter's San Francisco headquarters changed to say "Titter."

Musk Sunday posted a photo showing that the "W" was painted in white so that it would blend with the background.

Last April, Musk set up three companies in Delaware each with a derivation of “X Holdings.” On March 9, X Corp. was established in Nevada, with the state filing updated on March 15 to acknowledge its merger with Twitter.

Musk is listed as president of X Corp., as well as its parent company, X Holdings Corp., with an authorized capital of $2 million.

Twitter did not immediately respond to questions from Bloomberg.